I have studied the market there for a bit now and am comfortable with investing with decent Cash Flow and modest property price gains.

You gain experience for the next one.Fear’s just a sign you’re growing.

Primary residence capital gain $250,000 exclusion.  

Simultaneously, if this vacancy is a high percentage of the buildings total SF, I would market the property for sale to an owner-user who may be able to fill the vacancy at preferred rates while gaining investment income off the other tenants.

Lenders also have interest only options that could help with cashflow especially on acquisitions to allow you to get the listing up, and have your listing gain momentum (some listings start off slow while they accrue bookings, reviews, etc.)

This is very valuable information.

I have a full time W2 job that takes up much of my time, so I'm leaning toward Turnkey until I gain some experience.

Another consideration is that if you do a 1031 exchange back out of CA the state is a "claw-back" state so CA will try to get their capital gains eventually.

Combining this with tours or small events can add extra income.Lease Mineral or Water Rights: Depending on the area, leasing mineral or water rights can be a potential income stream if there are valuable natural resources under the land.

This approach can lead to both short-term gains and long-term success.If you’d like to discuss this strategy more, feel free to reach out—I’d be happy to share some insights.